Hong Kong Police Arrest Six Linked To Suspended Crypto Exchange JPEX
Six individuals linked to halted cryptocurrency exchange JPEX arrested by Hong Kong Police amid fraud complaints totaling $128M USD....
- The Hong Kong Police have arrested six individuals associated with cryptocurrency exchange JPEX following numerous fraud complaints.
- Two of the arrested individuals are popular YouTube influencers who allegedly promoted JPEX to their online audiences.
- Authorities have received 1,408 complaints accusing JPEX of fraudulent activities, involving approximately HK$1 billion (USD $128 million).
- The Hong Kong Securities and Futures Commission (SFC) issued a warning about JPEX's lack of a valid license and alleged lack of intent to apply for one.
- JPEX claimed unfair treatment compared to other exchanges in the region and announced its preparation to comply with regulatory requirements.
- JPEX abruptly halted its services, citing a liquidity shortage caused by third-party market makers.
The article highlights the negative aspects surrounding JPEX, including the arrests, fraud complaints, lack of a valid license, and abrupt service halt. The sentiment is predominantly negative.